Tech

Best Buy CEO Brian Dunn Steps Down

Electronics retailer Best Buy announced on Tuesday that its CEO and director Brian Dunn has resigned after 28 years at the company.

The news comes as Best Buy struggles to keep up against online competitors with lower operating costs. The Minneapolis-based retailer recently announced plans to close 50 stores and lay off 400 workers as part of a restructuring effort aimed to save $800 million in costs.

"There were no disagreements between Mr. Dunn and the company on any matter relating to operations, financial controls, policies or procedures," Best Buy said in a statement. "There was mutual agreement that it was time for new leadership to address the challenges that face the company."

The company has appointed G. Mike Mikan, who has been a director at Best Buy since 2008, to serve as interim CEO while it searches for a new leader. Mikan previously served as executive VP and CFO of UnitedHealth Group Inc. and CEO of Optum, a health care services company and affiliate of UnitedHealth.

Best Buy's founder Richard Schulze will continue to serve as chairman.

"I have enjoyed every one of my 28 years with this company, and I leave it today in position for a strong future. I am proud of my fellow employees and I wish them the best," Dunn said in a statement.

Do you think this is a sign of what's to come of Best Buy? Can Best Buy survive in an increasingly competitive marketplace when online retailers are operating businesses at lower costs? Let us know in the comments.

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